SALT LAKE CITY (AP) — Real-estate agents say 17 percent of the homes for sale in Salt Lake County are selling for less money than the balance owed on a mortgage.
Salt Lake Board of Realtors Communications Director Dave Anderton says three-quarters of the short sales involve homes that cost less than $300,000.
Anderton says that’s surprising because expensive homes more commonly get caught up in a short sale.
The problem is worse in the St. George region.
Southern Utah Title owner Alan Carter says three out of four of Washington County’s real-estate sales are foreclosure listings or short sales.
Banks have to agree to let a homeowner sell off property and pay off a loan for less than the amount owed on it.
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